6 Jun 2009

Wall Street mixed after jobs data

12:37 pm on 6 June 2009

Wall Street ended little changed on Friday.

Trading was choppy as investors assessed the implications of the latest jobs report.

The Labor Department reported that employers cut 345,000 jobs in May - substantially less than analysts had forecast - but the unemployment rate hit 9.4% - its highest since 1983.

Intel Corp fell 1.3% to $US15.92 after an industry group forecast a steep drop in global chip sales.

Shares of Wal-Mart Stores Inc rose 0.4% to $US51.07 after the world's biggest retailer announced a stock-buyback plan worth $US15 billion.

The Dow Jones industrial average gained 12.89 points, or 0.15%, to 8,763.13.

Standard & Poor's 500 Index declined 2.37 points, or 0.25%, to 940.09. The Nasdaq Composite Index dipped 0.60 of a point, or 0.03%, to 1,849.42.

The S&P 500 is now almost 40% higher than a 12-year closing low on 9 March.

Volume was moderate on the New York Stock Exchange, where about 1.26 billion shares changed hands - below last year's estimated daily average of 1.49 billion.

About 2.31 billion shares were traded on the Nasdaq - above last year's daily average of 2.28 billion.